AMERISERV FINANCIAL, INC. (NASDAQ:ASRV) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 8, 2020, the Board of Directors of AmeriServ Financial, Inc. (the “Company”) appointed Daniel A. Onorato as a Class I Director of the Company to serve until the 2023 annual meeting of shareholders of the Company. Mr. Onorato will also serve as a director of AmeriServ Financial Bank, a wholly owned banking subsidiary of the Company. Mr. Onorato, age 59, is executive vice president and chief corporate affairs officer for Highmark Health, headquartered in Pittsburgh, Pennsylvania.
Mr. Onorato will be compensated for services as a director on the same basis as other non-employee directors of the Company and AmeriServ Financial Bank, including retainers and board and committee fees. Mr. Onorato has been appointed to the investment/asset liability committee and the audit committee, on which he will also serve as the board’s designated audit committee financial expert under applicable SEC rules.
Item 9.01 Financial Statements and Exhibits.
(d)
Exhibits:
99.1
Press release, dated May 13, 2020, announcing the appointment of Daniel A. Onorato as an independent director of AmeriServ Financial, Inc.
About AMERISERV FINANCIAL, INC. (NASDAQ:ASRV)
AmeriServ Financial, Inc. is a bank holding company of AmeriServ Financial Bank (the Bank). The Company’s principal activities consist of owning and operating its three subsidiary entities. The Company’s segments include retail banking, commercial banking, trust and investment/parent. Its Retail banking segment includes the deposit-gathering branch franchise and lending to both individuals and small businesses. Its Commercial banking to businesses includes commercial loans and commercial real estate mortgage (CRE) loans. The trust segment contains its wealth management businesses, which include the Trust Company, WCCA, its registered investment advisory firm and financial services. Wealth management includes personal trust products and services, such as personal portfolio investment management, estate planning and administration, custodial services and pre-need trusts. The investment/parent segment includes the net results of investment securities and borrowing activities.
